Thain Takes Charge at CIT
February 9, 2010,
NEW YORK-John A. Thain has been named chairman and chief executive officer of CIT, effective immediately.
According to a company statement, Thain will "continue CIT's transition to a more streamlined commercial lender focused on serving the small-business and middle-market sectors, and optimizing the company's business model." CIT emerged from Chapter 11 bankruptcy protection in December.
Thain succeeds Peter Tobin, who was named interim CEO in January and who remains on the company's board of directors.